W-infinity structure of the sl(N) conformal affine Toda theories

We reexamine the $W_{\infty}$ symmetry of the $sl(N)$ Conformal Affine Toda theories. It is shown that it is possible to reduce (nonuniquely) the zero curvature equation to a Lax equation for a first order pseudodifferential oprator, whose coefficients are the generators of the $W_{\infty}$ algebra. This clarifies the known relation between the Conformal Affine Toda theories and the KP hierarchy. A possible correspondence between the matrix models and the Conformal Affine Toda models is discussed.